WILMINGTON, Del., March 18, 2024--Chemours Receives NYSE Notice Regarding Delayed Form 10-K Filing
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Chemours said on Wednesday that an internal review revealed its senior executives manipulated some vendor payments and collections of receivables in the fourth quarter of 2023 in part to meet free cash flow targets, tied to their incentives. The findings will not affect its preliminary results estimates for the year ended Dec. 31, the U.S. chemical company said, without disclosing a date to report its results. Chemours' shares plunged to a more than three-year low last week after it placed its top three executives, including CEO Mark Newman, on administrative leave and said it was looking into potential "material weaknesses" in its financial reporting.